Optical components

Oclaro's First Report

5:15 PM -- Because there's only one of me, I'll be listening to the Juniper Networks Inc. (NYSE: JNPR) earnings call this afternoon and will have to figuratively TiVo the Oclaro Inc. (Nasdaq: OCLR) call.

It will be Oclaro's first earnings report after being created from the Bookham/Avanex merger. Officials are patting themselves on the back for starting off with positive earnings before interest, taxes, depreciation, and amortization (EBITDA). (See Bookham, Avanex Defend Their Deal, Bookham, Avanex Form Oclaro, and Oclaro Reports Q4.)

Here's the Oclaro box score:

Table 1: Oclaro's Q4
4Q08 4Q09 Change (%)
Revenues ($M) 62.6 66.9 7%
Net Income ($M) -1.5 -14.6 880%
EPS ($) -0.01 -0.09 800%
Source: Oclaro, Thomson Reuters

Those percent changes are a real bear when your "before" numbers are slightly negative, aren't they?

Here's how Oclaro did compared with analysts' expectations:

Table 2: Oclaro vs. Analysts
Analysts' Consensus
Estimate, 2Q09
Actual 2Q09
Revenues ($M) 70.5 66.9
EPS, non-GAAP ($) -0.04 -0.04
Net Income, non-GAAP ($M) -5.55 -6.68
Source: Thomson Reuters

The numbers only include two months worth of Avanex. And because Avanex is no longer a public company, Oclaro has no obligation to specify how Avanex did during that final quarter. In fact, Oclaro has indicated that the world will never see those numbers. (Cue eerie music.)

— Craig Matsumoto, West Coast Editor, Light Reading

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